Passage 2Economic Troubles Cloud New Market's FutureBut perhaps the major reason is the dark economic clouds now hanging over Europe. One of the central justifications for the single market was its ability to create greater prosperity, but it is making its debut just as Europe traverses one of its roughest economic storms in year. "We are going to wind up 1992 with just about the same level of unemployed-nearly 10 per cent community wide that we had before this project," says an aide to Mr. Delors. In addition, economic growth is skidding to an anticipated 1 per cent next year, all of which adds up to consumer and business confidence sinking to the same lows recorded during the pre-single market days of Europessimism. Both EC and independent analysts say that business anticipated the economic benefits of the single market, so that much of the burst of economic activity in preparation for the new market has already occurred. Business investment, which had been flat for the five years preceding the decision in 1985 to create the single market, soured to a 7 per cent annual growth rate from1985-1990. The unemployment rate was 10% in 1992.

Passage 2Economic Troubles Cloud New Market's FutureBut perhaps the major reason is the dark economic clouds now hanging over Europe. One of the central justifications for the single market was its ability to create greater prosperity, but it is making its debut just as Europe traverses one of its roughest economic storms in year. "We are going to wind up 1992 with just about the same level of unemployed-nearly 10 per cent community wide that we had before this project," says an aide to Mr. Delors. In addition, economic growth is skidding to an anticipated 1 per cent next year, all of which adds up to consumer and business confidence sinking to the same lows recorded during the pre-single market days of Europessimism. Both EC and independent analysts say that business anticipated the economic benefits of the single market, so that much of the burst of economic activity in preparation for the new market has already occurred. Business investment, which had been flat for the five years preceding the decision in 1985 to create the single market, soured to a 7 per cent annual growth rate from1985-1990. The economic growth rate next year is expected to be about 1% in European Community.

Passage 2Economic Troubles Cloud New Market's FutureBut perhaps the major reason is the dark economic clouds now hanging over Europe. One of the central justifications for the single market was its ability to create greater prosperity, but it is making its debut just as Europe traverses one of its roughest economic storms in year. "We are going to wind up 1992 with just about the same level of unemployed-nearly 10 per cent community wide that we had before this project," says an aide to Mr. Delors. In addition, economic growth is skidding to an anticipated 1 per cent next year, all of which adds up to consumer and business confidence sinking to the same lows recorded during the pre-single market days of Europessimism. Both EC and independent analysts say that business anticipated the economic benefits of the single market, so that much of the burst of economic activity in preparation for the new market has already occurred. Business investment, which had been flat for the five years preceding the decision in 1985 to create the single market, soured to a 7 per cent annual growth rate from1985-1990. Business investment increased at 5% growth rate in 1990s.

Passage 1China's cautious approach to foreign borrowing is to be maintained, at least for the time being. The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of external debt until a number of practical bottlenecks in the economy , such as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. What is the meaning of "cautious"?

Passage 1China's cautious approach to foreign borrowing is to be maintained, at least for the time being. The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of external debt until a number of practical bottlenecks in the economy , such as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. What are the "practical bottlenecks "in the context?

Passage 1China's cautious approach to foreign borrowing is to be maintained, at least for the time being. The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of external debt until a number of practical bottlenecks in the economy , such as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. What does" borrow on commercial terms" imply?

Passage 2China is reaping the rewards of reforms first Iaunched by Deng Xiaoping in 1979. Foreign investment is now welcome. Special Economic Zones are booming, The opening of securities and real-estate markets have created new opportunities . Clearly, China's economy is a work in progress, nowhere near realizing the potential of its billion-plus population. Its gross domestic product last year was, according to the official measure, $ 420 billion-no more than that of southern California. China remains primarily a nation of farmers, and the transition to an industrial free market is much like the traffic on Highway 204-unpredictable. Few state-owned firms have been sold, and most are laggard behemoths. Growth is driven by new joint ventures, collectives and private businesses, which now account for more than 50% of China's industrial production . What is the meaning of "opportunities"?

Passage 2China is reaping the rewards of reforms first Iaunched by Deng Xiaoping in 1979. Foreign investment is now welcome. Special Economic Zones are booming, The opening of securities and real-estate markets have created new opportunities . Clearly, China's economy is a work in progress, nowhere near realizing the potential of its billion-plus population. Its gross domestic product last year was, according to the official measure, $ 420 billion-no more than that of southern California. China remains primarily a nation of farmers, and the transition to an industrial free market is much like the traffic on Highway 204-unpredictable. Few state-owned firms have been sold, and most are laggard behemoths. Growth is driven by new joint ventures, collectives and private businesses, which now account for more than 50% of China's industrial production . What is China's GDP last year?

Passage 2China is reaping the rewards of reforms first Iaunched by Deng Xiaoping in 1979. Foreign investment is now welcome. Special Economic Zones are booming, The opening of securities and real-estate markets have created new opportunities . Clearly, China's economy is a work in progress, nowhere near realizing the potential of its billion-plus population. Its gross domestic product last year was, according to the official measure, $ 420 billion-no more than that of southern California. China remains primarily a nation of farmers, and the transition to an industrial free market is much like the traffic on Highway 204-unpredictable. Few state-owned firms have been sold, and most are laggard behemoths. Growth is driven by new joint ventures, collectives and private businesses, which now account for more than 50% of China's industrial production . Who created half of China's industrial output?

national income